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regulators

Fazle Kabir to become new BB governor: Muhith

Former secretary of Finance Division Fazle Kabir will be made new governor of Bangladesh Bank, Finance Minister AMA Muhith said today. fazle-kabir-wbKabir, now in Washington, will join his new post on March 18, Muhith told reporters at the Secretariat in Dhaka. The Prime Minister’s Office (PMO) is expected to make announcement in this regard around 3:00pm, added the minister.
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SWIFT working with BB after hack

The SWIFT bank messaging service said in a statement on Friday that it was working with Bangladesh's central bank "to resolve an internal operational issue at the central bank." bbIt added that "SWIFT's core messaging services were not impacted by the issue and continued to work as normal." A SWIFT spokeswoman declined to elaborate on the brief statement, which was issued in the wake of a massive cyber heist at Bangladesh's central bank.

Criminals in BB heist likely studied bank’s inner workings

The perpetrators of a $100 million digital heist at Bangladesh’s central bank had deep knowledge of the institution’s internal workings, likely gained by spying on bank workers, security experts said. Unknown hackers breached Bangladesh Bank in early February, stole credentials for payment transfers and then ordered transfers out of a Federal Reserve Bank of New York account held by Bangladesh Bank (BB), according to Bangladesh Bank officials. Bangladesh government officials blamed the Fed for the attack when they disclosed the loss. The New York Fed responded on Tuesday saying there was no evidence its systems were compromised in the attack, one of the biggest bank thefts in history. The Fed said it followed normal procedures when responding to requests that appeared to be

Chinese hackers accused of stealing $ 100m from BB

The Bangladesh central bank says it is working to recover some $100 million allegedly stolen by Chinese hackers from an account at the Federal Reserve Bank of New York. Authorities have given few details about how the money disappeared. But Finance Minister A.M.A. Muhith says authorities are considering suing the U.S. bank over the money’s apparent transfer to accounts in the Philippines, reports AP. bbMuhith said the U.S. bank has “no way to avoid their responsibility.” The New York Fed put out a brief statement through its Twi...

NBR for reforming VAT to uniform rate system

Chairman of the National Board of Revenue (NBR) Nojibur Rahman recently (Monday) said the NBR has now no choice but to implement the Value Added Tax and Supplementary Duty Act. The Chairman said global policy on finance and trades have been undergoing reform in terms of capacity building to ensure sustainable development of economy. Taking consideration of the reforming policy of G-7 and China, NBR is willing to take partnership with stakeholders like ICAB to generate more revenues through change of its revenue collection policies, he added. Change is permanent, NBR value this phenomenon and come up with policy reform initiatives to create a revenue culture in the country, he said.

Govt planning record budget for 2016-17

The Bangladesh government has planned a national budget of 3.40 trillion taka ($43 billion) for the next fiscal year (2016-17), the country's finance minister said here on Thursday. Muhithmuhith "We're planning a 3.40 billion taka national budget for the 2016-17 fiscal (July 2016-June 2017)," Finance Minister A.M.A. Muhith said. He, however, did not elaborate on the new fiscal year budget which is to be unveiled in parliament in the first week of June, Xinhua news agency reported. The Bangladesh parliament in June 2015 ...
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